The Central Board of Indirect Taxes and Customs ( CBIC ), on the recommendations of the GST Council, has exempted taxpayers having turnover up to 2 crores from the filing of annual returns in forms GSTR-9 and 9A.
The GST Council’s 47th meeting held at Chandigarh on Tuesday and Wednesday decided to exempt the small taxpayers from the compliance of annual returns.
The notification issued yesterday stated that “In exercise of the powers conferred by the first proviso to section 44 of the Central Goods and Services Tax Act, 2017 (12 of 2017), the Commissioner, on the recommendations of the Council, hereby exempts the registered person whose aggregate turnover in the financial year 2021-22 is up to two crore rupees, from filing the annual return for the said financial year.”
GSTR 9 is an annual return to be filed yearly by taxpayers registered under GST. It consists of details regarding the outward and inward supplies made/received during the relevant financial year under different tax heads i.e. CGST, SGST & IGST, and HSN codes. It is a consolidation of all the monthly/quarterly returns (GSTR-1, GSTR-2A, GSTR-3B) filed in that year. Though complex, this return helps in the extensive reconciliation of data for 100% transparent disclosures.
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